Central Michigan University’s Board of Trustees will meet in special session this week to receive the independent audit of the university’s 2014-2015 financial statements.
Trustees reviewed the audit by Plante Moran, the university’s external audit firm, at their September meeting. Auditors issued a clean, unmodified opinion — the highest opinion possible, however the audit couldn’t be finalized until the Michigan Auditor General determined CMU’s share of a pension liability to the Michigan Public School Employees Retirement System.
The liability is about about $93 million. The liability will result in a direct reduction of the university’s unrestricted net position.
The MPSERS pension system is underfunded, creating a significant liability for Michigan’s K-12 schools, community colleges and seven public universities, including CMU.
Thursday’s meeting begins at 9:30 a.m. in the Bovee University Center’s President’s Conference Room and is open to the public. Receiving the independent audit report is the only item on the agenda.